I entered into an agreement with a seller for a property with the help of broker (Resale Property) on 16th of August. I paid a Byana of 2.25 Lakhs (25 thousand cash and 2 lakh cheque) and we signed agreement to sell.
Interest and transfer fees to be borne by the seller as per the agreement
Seller bought the flat @4650/Sq. Ft. and sold to me @4500/Sq. Ft. (-150/sq ft. loss as per the market rate)
possession of the flat is after 3 years.
As per agreement to sell I was supposed to give 12.1 lakhs to the seller by 19th of September after approval of loan. Before 19th I had given total of 8.25 lakhs (8 lakh through cheque and 25k through cash).
On 15th of September Bank refused the loan because of the incomplete Builder Buyer agreement and I informed the broker as well as the seller of the same.
Meanwhile I came to know that Builder had already raised a demand of 25 lakh more and interest pending is 5 lakhs.
I asked for the demand letter and he gave me the updated demand letter on 18th sept.
We asked the seller to give us the updated BBA or the extension of time, so that we can get the loan approval.
He did not reply , We called him on 19th on the status, he did not reply. We reached the builder office and he did not reach there. Next day he responded that as the agreement has expired , he needs 7 lakh more for the new agreement and has forfieted my money 8.25 lakhs and refusing to give. What should be my course of action at least to get my money back or the execution of the sales agreement. Argument he is giving is it was my responsibility to check the documents before buying the flat.
Please help. (My name changed to maintain confidentiality)